Bitcoin cryptocurrency not currency: Brazilian banker

Head of the Brazilian Federation of Bank (Febraban) believes that Bitcoin cryptocurrency is not really a currency based on his criteria of the basic currency.

Murilo Portugal was speaking at a debate on the digital financial systems. Speaking at the debate dubbed “the Impact of Digital Revolution on the financial system” he expressed that the Bitcoin has failed to show any classic traits or functions that a currency typically shows therefore failed to be a currency still.

Bitcoin cryptocurrency or coin?

Portugal believes that the Bitcoin cryptocurrency is not really a currency but rather coins thus leading to the more apt name cryptocurrency.

He, however, furthers that since the cryptocurrencies do not  fulfill any of the classical currency traits especially,

to serve as an accounting unit, where people can express prices.

Instead, the Bitcoin cryptocurrency or any other cryptocurrency doesn’t fulfill retail payment purposes given the high volatility factor. Portugal is however optimistic that there is more to the financial digital world than Bitcoin cryptocurrency and the debate. He furthers that soon enough regulations would be imposed on data on a similar fashion as fiat currencies.

As the world progresses money and information are becoming synonymous in terms of value. On the other hand, in the face of the Coronavirus epidemic, proponents of Bitcoin are promoting cryptocurrency to be the most important tool against future epidemics.